Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of LNG vessel owner GasLog (NYSE: GLOG) fell 11% at the start of trading after reporting a mixed first quarter. After the sharp sell-off, shares settled in at a 1% decline later in trading.
So what: Revenue spiked 162% from a year ago to $57.1 million and beat the consensus estimate of $55.1 million. The bad news was that profit was only up slightly to $6.3 million, or $0.09 per share. On an adjusted basis, earnings per share were $0.13, which still fell three cents short of estimates.
Now what: There was a huge spike in volume shortly after the market opened and that caused shares to drop, but when more normal trading continued shares returned to just a slight drop. That's more reasonable given the growth already on the books and continued expansion that should take place as LNG grows. I think the company is well positioned going forward and a small earnings miss isn't reason for investors to panic today.
